Credit repair is possible by first getting a copy of a credit report from TransUnion, Equifax and Expedia, making sure timely payments are correctly documented, and writing to credit companies to inform them of payments made. Repair bad credit gradually with information from a financial manager and currency trader in this free video on finance.
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I'm Roger Groh, we're here today to talk about repairing your credit history. Quite often whether you've meant to or not, the data that the credit reporting companies have is incorrect. So the first thing you need to do, even if you've done nothing wrong, is to get a copy of your credit history. It's free. There is TransUnion or Equifax or Expedia. Typically those are the big three and write to them and really you do via e-mail and then they e-mail back to you your own credit history. And make sure it's right. Be sure your name is right, make sure that they've really got the right person and make sure nobody has stolen your identity. Sounds pretty basic but that's number one. Number two, if you've done something wrong, well it's going to show up in your credit history. If you haven't made your payments, if you defaulted on your mortgage, if you haven't made your car payment, whatever it might be it's going to show up in your credit history. If you have started to make the payments correctly, you need to really be sure that the credit companies know that and you can write to them and say I have made this payment on time and really make sure that they know. Sometimes there's a lag between when a bank reports that you've made a payment. Let's say your payments were due on the first of the month, you've made it on the 30th on the month but the bank was closed and they didn't book it until the third or the fourth of the month, well that's really not your fault, as a consumer you met your end of the deal, you were obligated to pay on time and you did but the bank didn't because the person wasn't there. Well you can fix that by writing to the credit companies that I mentioned and identifying the problem and in fact they'll fix it on their database. That will help you a lot in the next time that you try and borrow money. I'm Roger Groh.